True scale of investor anger over Morrisons' performance revealed

The true scale of investor anger over Morrisons’ performance was revealed yesterday.

A number of shareholder revolts over pay and against some of its top directors were higher than previously thought, stock market documents showed.

The supermarket’s annual meeting was held on Thursday in Bradford. On the day it said that 26.5 per cent of investors had rejected the firm’s pay policy.

Challenging conditions: Morrisons has lagged behind its rivals and lost market share to budget competitors like Aldi and Lidl

But a stock market announcement yesterday revealed the final tally, which included votes cast during the meeting as well as a record of those investors who failed to back the policy. It took the total revolt to above 28 per cent.

The size of the revolt over last year’s pay awards also increased once the votes were counted.

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Early figures showed 10.9 per cent had voted against the rewards, but yesterday’s announcement showed that 13 per cent refused to back the pay deals.

The figures also revealed almost one in six investors voted against the re-appointment of Dalton Philips. The under-pressure boss was further humiliated when Sir Ken Morrison – son of the chain’s founder William Morrison – derided his strategy as ‘b******t’.

A statement saw the grocery veteran describe Philip’s track record as ‘disastrous’ and warn him the supermarket was ‘in a rescue situation’.

Morrisons has lagged behind its rivals. It has also lost market share to budget rivals Aldi and Lidl.Shares rose 0.5p to 193p.